UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $74.25 Million Holdings in Gates Industrial Corp PLC (NYSE:GTES)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 540.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,609,471 shares of the company’s stock after buying an additional 3,046,064 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 1.42% of Gates Industrial worth $74,247,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. GeoWealth Management LLC increased its position in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares during the period. Assetmark Inc. boosted its stake in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Gates Industrial during the fourth quarter worth $43,000. SRS Capital Advisors Inc. boosted its stake in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after acquiring an additional 567 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Gates Industrial Stock Performance

Shares of GTES stock opened at $20.95 on Friday. The firm has a 50-day moving average of $18.96 and a 200-day moving average of $20.36. The company has a market cap of $5.40 billion, a P/E ratio of 28.70 and a beta of 1.23. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial Corp PLC has a one year low of $14.70 and a one year high of $23.85.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. The business had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. Equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GTES shares. Morgan Stanley cut their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Barclays raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Royal Bank of Canada raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. KeyCorp raised their price objective on shares of Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group dropped their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.89.

About Gates Industrial

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.